The process of buying or selling a property isn't always a walk in the park. In the world of real estate, it's a complicated procedure that involves lots of paperwork, legal matters, financial support, on-going negotiations, and closing a deal.
One crucial aspect of the overall equation is conveyancing, which is the legal transfer of property ownership from one owner to another. When it comes to this aspect, you commonly have the option to perform this legal process by yourself or get a conveyancing solicitor who can do the legal job for you. However, keep in mind that conveyancing is a detailed and complicated legal process, which is why hiring a conveyancing solicitor will be your best option.
In this article, we'll cover everything you need to know about a conveyancing solicitor and the reasons you should work with one.
The conveyancing solicitor in a nutshell
A conveyancing solicitor plays a crucial role in any property transaction. They are a fully qualified practising solicitor who can perform the conveyancing process legally on your behalf. Whether you're selling or buying a property, their ultimate goal is to ensure the successful transfer of property ownership while your interests at all the real estate stages are protected.
Primary responsibilities of a conveyancing solicitor
Now that you know a little more about this professional, let's take a closer look at their primary responsibilities in two specific situations. Take note of the following:
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For property purchase: A conveyancing solicitor checks the legal title and contract documentation of a property on sale. They carry out various searches concerning the property and report these to you. They also check mortgage offers and only work with trusted mortgage lenders. Finally, they perform transactions with real estate agents and negotiate with the seller's solicitors.
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For property sale: A conveyancing solicitor obtains the title deed of the property and writes a contract to be sent to the buyer's advocate. Whether the property has a mortgage being paid off or is leasehold, your lawyer knows how to proceed with the needed legal matters. They will also have to work with real estate agents, mortgage lenders, and the buyer's solicitor.
Specific duties of a conveyancing solicitor
If you're wondering about the specific tasks of a conveyancing expert, here are several for you to consider:
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Negotiation: They work and liaise with the other party's solicitor.
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Documentation: They request a copy of the title and the contract (from a buyer) or help draft the contract (for a seller). They also get a copy of the mortgage offer and other pertinent documents to the purchase or sale of the property.
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Local searches: They conduct local authority searches, analyse the results, and report these crucial pieces of information to the client.
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Closing the deal: They set the completion date of the conveyancing process for both parties.
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Financial transactions: They transfer the deposit to the seller's conveyancer and request the mortgage payment from the lender.
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Taxes: They handle the tax returns on the client's behalf.
Type of support that a conveyancer provides
There are many benefits that come with hiring a professional conveyancing lawyer. On top of this is the level of support that you can get at every step of the procedure. Whether you're buying or selling a property, you can put your trust and confidence in a legal expert to complete the entire conveyancing process, and still be continuously updated while you get the support you need. With a conveyancer, you can expect the following:
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Legal matters will be upheld at all times.
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Documents will be secured appropriately.
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Financial transactions will be settled accordingly.
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Negotiations will be done effectively.
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Deals will be closed with only your best interests in mind.
Types of searches a conveyancer does
Now that you know the tasks and types of support that you will receive from a legal expert, let's tackle as well the searches a conveyancer does for your prospective property. For the most part, these searches are submitted to various authorities in the form of inquiries. Here are essential property searches that conveyancer will carry out on your behalf:
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Local search: This provides critical property-related information, such as the road serving the property, planning applications, building control history, enforcement action, road schemes, and restrictions on permitted development.
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Drainage search: This aims to check the drainage system and water supply of the property under them. A solicitor will ensure that the property is connected to the water main and drainage. They will check the location of the public water mains as well.
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Environmental search: This determines ecological risks that may impact the property, which include flooding, subsidence, landslides, landfill, and potentially contaminated sites.
The risks of self-conveyancing
As mentioned earlier, it is possible for you to carry out the conveyancing process without hiring a solicitor. If you have the legal knowledge, skills, and expertise, you can navigate through the complicated process by yourself. However, if you carry on with this procedure with the proper knowledge and experience, it may cause the following situations to occur:
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Delayed transactions: If you do not know what a conveyancing process entails, it will cause unwanted delays in real estate transactions.
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Incomplete documents: You may not be able to secure all the required paperwork due to a lack of resources.
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Financial impact: You may end up buying a property at a high price or selling it at a lower cost.
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Legal implications: There may be some loopholes in the procedure that may put you in legal trouble.
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Property dissatisfaction: You may not end up happy with the purchased or sold property.
When to contact a conveyancer
From what has been discussed in the previous section, you now know that the conveyancing process is best handled by an expert to ensure satisfying results. Because of this, one of the questions that many clients often ask is when they should consider hiring a conveyancer or at what stage of the real estate process they should do so.
As soon as you plan on buying or selling a property, or even before you make or receive an offer, you should start looking for the right solicitor. This is because it can make a significant difference when your hired expert helps you from the beginning so that you avoid making costly mistakes. Ultimately, your legal expert will provide you with the best value of conveyancing by speeding up the entire process and ensuring desirable results.
Conclusion
At this point, you now have a solid understanding of what a conveyancing solicitor is and does. Most importantly, you now understand why it's best to consider appointing a legal expert even before setting or getting an offer. This is primarily to ensure that you have a seamless buying or selling experience without committing mistakes that could have been avoided with professional help.
Are you looking for professional conveyancing solicitors? Let us provide you with instant online conveyancing quotes in London to help you find the right property solicitor for your real estate needs. Take advantage of our conveyancing calculator by contacting us today!
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